□ Published by Andy Hill (You can find more information on the website www.icmagroup.org)
□ Published on January 2019
□ Summary of the article:
Compared with the previous two year-ends, 2018 was relatively uneventful. Core Euro GC and specials did come at a premium leading up to the turn but then cheapened significantly into year-end itself. Meanwhile, non-core GC saw scarcely an impact, with only some specials becoming difficult to find. The short-date Gilt repo market tightened slightly, however term spreads widened notably, seemingly caused by the introduction of UK bank ring-fencing. The US treasury repo market, however, was the real surprise, with an unexpected scramble for cash sending rates notably higher.